Real Estate Tips

1. 1. Property prices vary across the country, with those in the East still generally cheaper than in the West.
2. 2. After years of stagnation, the German property market is again showing a steady growth.
3. 3. German tax and development laws are fraught with red tape.
4. 4. Germany has the lowest rate of home ownership in the European Union, approximately 43%. Most people live in rented flats.
5. 5. Check out all aspects, including secondary ones, of the apartment complex if you intend to commit funds.
6. 6. Find out about broker commission rates.
7. 7. Watch out for properties offered for quick sale or by use of high-pressure tactics. Chances are the object has been on the block for a long time because of substantial shortcomings.
8. 8. Services of a public notary are necessary to legally formalise the transaction.
9. 9. Total costs (fees and taxes) amount to about 10–12% of the property’s purchase price.
10. 10. Make sure your financial assets or mortgage is verifiable at an early stage.
11. 11. Discuss with your tax advisor all financial implications ahead of time.
12. 12. You are likely to need the services of a German lawyer or one based in your country with a good knowledge of German property law.